Explain why the following might be true: a drought around the world raises the total revenue the farmers receive from the sale of grain, but a drought only in France reduces the total revenue that French farmers receive.

Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter6: Elasticity
Section: Chapter Questions
Problem 11QP: Suppose you learned that the price elasticity of demand for wheat is 0.7 between the current price...
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Explain why the following might be true: a drought around the world raises the total revenue the farmers receive from the sale of grain, but a drought only in France reduces the total revenue that French farmers receive.

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